SpaceX (NASDAQ: SPCX) stock rose by 6% to approximately $168.78 on Monday, which increased the company’s market cap to around $2.29 trillion, taking the stock beyond the $150 mark that made Elon Musk the world’s first trillionaire in June.
The move comes after Morgan Stanley endorsed the company again, and Musk’s move to rename the company’s AI division as “SpaceXSI.”
Morgan Stanley’s $300 call spurs the drive
The biggest signal arrived when Morgan Stanley reserved its Overweight rating and $300 price target on SpaceX stock, advising clients the stock is still grossly undervalued and is currently 40% under its mega-cap AI peers when you look at it on a growth-adjusted basis.
